SOUTH INDIAN BANK = UPDATE DATED 30 09 2010 = SMALL BANK ON FAST EXPANSION MODE = GOOD PERFORMANCE

SOUTH INDIAN BANK

UPDATE DATED 30.09.2010

RESULTS FOR Q1 FY11

VS Q4 FY10 & Q1 FY 10

South Indian Bank is a comparatively small Bank, which is improving its performance every quarter.

Its Interest on Advances is 421 Cr – which is  3.73% more than previous quarter and 16.48% more than corresponding Qtr.

Total Income is Rs.581.78 Cr – which is 4.33% more than previous qtr and 11.61% more than corresponding Qtr.

Net Profit is Rs.58.44 Cr – which is       51.32% more than previous qtr but  2.78% less than corresponding Qtr.

Capital Adequacy Ratio is quite good at 14.65%

Basic EPS for the qtr is Rs.5.17 which is higher than last qtr’s EPS of Rs.3.42 but slightly less than corresponding qtr’s EPS of Rs.5.32.

The  % of Gross/Net NPA      at 0.39 is quite healthy.

But, Return on Assets is very low at 0.23 and needs improvement.

Current Market price is around Rs.24.

The Bank is targeting a credit growth of around 25% this year. It is expecting to maintain NIMs of around 2.8%.

From 580 branches at last year end – current year may see an addition of 60 more branches.

The Bank may see good upside from current levels, as it progresses along its expansion path and continues to improve its performance.

RESULTS IN FIGURES :-

SOUTH INDIAN BANK	30-Jun-10	31-Mar-10	Dif%1	30-Jun-09	Dif%2
Interest on Advances	42113	40599	3.73	36155	16.48
Income on Investments	10957	10077	8.73	9308	17.72
Income on Balances With RBI	942	704	33.81	1063	-11.38
Interest Earned	54012	51380	5.12	46526	16.09
Other Income	4166	4385	-4.99	5598	-25.58
Total Income	58178	55765	4.33	52124	11.61
Interest Expended	37276	43492	-14.29	31283	19.16
Employees Cost	6747	3311	103.78	6830	-1.22
Other Opertng Expenses	3715	3802	-2.29	3320	11.9
Operatng Expenses	10462	7113	47.08	10150	3.07
Operating Profit	10440	5160	102.33	10691	-2.35
Provisions & Contingencies	1670	-		1043	60.12
Exceptional Items	-	-308		-
Profit before tax	8770	5468	60.39	9648	-9.1
Tax Expense	2926	1606	82.19	3637	-19.55
Net Profit After Tax	5844	3862	51.32	6011	-2.78
Net Profit	5844	3862	51.32	6011	-2.78
Face Value.Rs.	10	10	0	10	0
Paid-up Equity Share Capital	11301	11301	0	11301	0
Dividend (%)	-	40		-
Capital Adequacy Ratio	14.65	14.73	-0.54	13.93	5.17
Basic EPS B EI	5.17	3.42	51.17	5.32	-2.82
Diluted EPS B EI	5.15	3.4	51.47	5.32	-3.2
Gross/Net NPA	6476	6157	5.18	8325	-22.21
% of Gross/Net NPA	0.39	0.39	0	0.68	-42.65
Return on Assets	0.23	0.16	43.75	0.31	-25.81
Publicholding (%)	100	100	0	100	0

ANNOUNCEMENTS

TO THE NSE

02-09-2010    The South Indian Bank Limited has informed the Exchange that the Board of Directors of the Bank at its Meeting held on August 31, 2010 has decided to fix September 24, 2010 as Record Date for taking the list of shareholders eligible for sub-divided equity shares of face value Re. 1 each.

02-09-2010    The South Indian Bank Limited has informed the Exchange that Dr. C.J.Jose, Director has resigned from the office as Director and he ceases to be a member of the Board w.e.f. August 31, 2010. Further the Board of Directors at its meeting held on August 31, 2010 has appointed: 1) Sri Amitabha Guha, 2) Sri K. Thomas Jacob, as additional Directors of the Bank. They will hold office up to the date of the next Annual General Meeting of the Bank.

16-06-2010    The South Indian Bank Limited has informed the Exchange that the Annual General Meeting of the shareholders of the Bank is scheduled to be held on July 14, 2010. The Board of Directors of the Bank has recommended a Dividend of Rs.4/- per equity share of face value Rs.10/-. The dividend, if declared at the General Meeting will be paid to the shareholders on and from July 23, 2010. Accordingly, the date for issue of dividend warrants will be July 23, 2010.

30-04-2010    The South Indian Bank Limited has informed the Exchange that the Board of Directors at their meeting held on April 30, 2010 has recommended a dividend of Rs.4 per share (40%) for the year ended March 31, 2010 (previous year Rs.3 per share (30%)), subject to the approval of the members at the ensuing Annual General Meeting.

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